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India’s steel exports must rise to 6-7% of production - Mr Birender Singh

2018-01-12

The Business Line reported that Shri Birender Singh, Union Steel Minister, said that exports should account for 6-7% of India’s total steel production in the next few years, up from the 1.5% at present. He told “In the last one year, we have been able to reduce steel imports by nearly 40% and have also become a net export country. In the next few years exports should be 6-7% of the total production.”

Expressing concern over the fluctuation in iron ore prices, the Minister said the government has set up a task force to come up with a report within the next 15 days. He told ““As a government, we cannot intervene [in the price movement], but assuage fears of consumers. The fluctuation can disturb budgeting exercise of the small steel makers.”